This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Base Metals Mixed; Copper Slips 0.6%

NEW YORK ( TheStreet) -- Base metals were mixed Tuesday with the dollar index relatively flat.

Positive economic data from the U.S. and eurozone could push base metals higher, but tight supply conditions for metals like copper will cushion the price rise.

November advance retail sales from the U.S. are seen increasing by 0.6% as compared to 1.2% in October. The Producer Price Index for November is estimated at 0.6%, higher than October's 0.4%. October business inventories are forecast at 1%, marginally above the 0.9% recorded in September.

Goldman Sachs forecasts that metal prices are likely to diverge following their respective fundamentals as emerging-market economies run ahead and demand recovers in the developed nations, Reuters reports. It further added that metals with tight cyclical fundamentals like copper and zinc may outperform aluminum, which has readily available capacity, and nickel. Copper may hit fresh highs above $11,000, the forecast says.

Copper

After touching all-time highs Monday, copper for three-month delivery fell 0.6% to $9,167 per metric tonne on the London Metal Exchange as investors locked in profits. Meanwhile, copper spot prices are trading at a premium of $70 per tonne, the highest in two years, pointing toward tight supply conditions with an upward trend for prices.

Retreating from its 52-week lows, copper inventories added 1,825 tonnes to close at 350,450 tonnes. The metal faces support at $9,090 and resistance at $9,319.

Southern Copper (SCCO - Get Report) closed at $47.32 Monday, finding support at $46.68 and resistance at $47.93. Freeport-McMoRan Copper & Gold (FCX - Get Report) closed at $115.53, with support and resistance at $114.15 and $117.15, respectively. Teck Resources (TCK - Get Report) closed at $57.27, with support at $56.82 and resistance at $58.10.

Aluminum

Aluminum for three-month delivery edged up 0.2% to $2,335 per tonne. Inventories narrowed 1,650 tonnes to close at 4.27 million tonnes. The metal faces support and resistance at $2,324 and $2,357, respectively.

Alcoa (AA - Get Report) closed at $14.36 Monday, finding support and resistance at $14.26 and $14.48, respectively. Century Aluminum (CENX - Get Report) closed at $15.92, with support at $15.75 and resistance at $16.25. Kaiser Aluminum (KALU - Get Report) closed at $50.98, finding support at $50.63 and resistance at $51.67.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AA $14.79 0.00%
CENX $18.97 0.00%
FCX $21.63 0.00%
HBM $8.71 0.00%
KALU $75.55 0.00%

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs